"Saving" refers to an activity over time. "Savings", by contrast, refers to something that exists at any given time.

"Saving" refers to an activity over time. "Savings", by contrast, refers to something that exists at any given time.

That deal could mean a saving of up to $8,000 for us.

She decided to withdraw all her savings from the bank.

In other words, use "saving" to describe a process (the action of the verb "to save") and "savings" to speak about a stock (what has been saved, typically money that has been set aside for the future).

The deal resulted in a significant saving in development costs over time.

He used all his savings to buy a house.

Be also aware that savings is a plural noun, which requires a plural verb. As a result, we say "savings are" (not "savings is").